ZeU Acquisition of Vn3t Assets & Nomination of a Chief Technology Officer
Montreal / TheNewswire / February 4, 2019 - St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that its subsidiary, ZeU Crypto Networks Inc., has executed today an asset purchase agreement with VN3T Technologies Inc. and its subsidiaries, collectively "VN3T", an arm's length party, pursuant to which ZeU acquired the key IP of a VN3T's decentralized data market place platform and secured development services.
VN3T, based in Montreal and Gibraltar, develops, manages, and markets a decentralized data marketplace which allows companies, institutions, and private individuals to buy and sell datasets within a decentralized, encrypted, anonymized, and GDPR-compliant network.
The majority of VN3T data comes from the previous untapped 97% of potentially useful information or "Dark Data." When entities allow VN3T solutions to crawl their datasets, a matching algorithm identifies any data available that these entities may have which is required by a buyer within the network and attaches a cash value to it.
The IP and the expertise acquired will expedite the development of certain functionalities of ZeU's blockchain marketplace platform for derivatives developed for Borealis EHF and will allow the integration of the new business segment of data trading in relation with this initiative and other opportunities. It will also generate exclusive tradeable content for Borealis.
The purchase price to be paid by the Purchaser to VN3T for the IP is $150,000, which will be satisfied by the issuance of a debenture of ZeU maturing 2 years from its issuance (the "Maturity Date"), and convertible into common shares (each a "Share") of ZeU at a price equal to the 5-day VWAP of the Shares on the Canadian Stock Exchange, subject to a minimum of $1.85 (the "Debentures"). In addition, ZeU agreed to retain the services of the VN3T for a gross amount of $60,000 to assist with the development of certain aspects of the IP.
Under the Agreement, VN3T also granted ZeU an exclusive option (the "Option") to acquire, on or before May 31, 2019, the additional assets for a purchase price of $25,000, which would be satisfied by the issuance to VN3T of a $25,000 Debenture under the same terms and conditions.
Nomination of a Chief Technology Officer
In parallel with this acquisition, ZeU is pleased to welcome Mr. Jean-Philippe Beaudet as a board member of ZeU Crypto Networks Inc. Mr. Beaudet will also take on the position of Chief Technology Officer and, alongside our Chief Architect and our CEO, will help identify blockchain development and deployment opportunities that can be quickly monetized.
Experienced Gaming developer, Jean-Philippe Beaudet launched his career at UbiSoft. He worked and researched natural language processing for Luminary, a private American research lab. Mr. Beaudet cultivated an interest in machine learning and decentralized technology which led him to co-found S3R3NITY Technologies, a technology incubator from which he launched numerous start-ups. Mr. Beaudet was an early enthusiast of blockchain technology and contributed to major projects such as a Bitcoin brokerage platform and a marketing data analytics tool for financial institutions. Seeing the opportunity to marry blockchain technology with artificial intelligence to meet the needs for a decentralized data market he founded VN3T. Jean-Philippe is an advisor on multiple blockchain initiatives and a regular conference speaker. He is also the CEO and CTO of VSekur.
"(...) Jean-Philippe is a natural fit for Chief Technology Officer of ZeU due to his breadth of experience in software management, operations management, human resources management, as well as design and implementation of technological pipelines. He is the perfect addition to many ongoing projects that we are currently working on and will allow us to solidify and accelerate many initiative that are in our pipeline (...) commented ZeU's President & CEO, Frank Dumas.
ON BEHALF OF THE BOARD OF DIRECTORS
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.